Wentworth, the AIM listed independent, East Africa-focused oil & gas company, announces its interim results for the six months ended 30 June 2019. An updated Corporate Presentation is available on the Company's website at www.wentplc.com.

HIGHLIGHTS

Corporate

• Completed corporate simplification with Oslo Børs delisting effective 14 February 2019
• Mozambique office closed March 2019
• Active and refreshed East African focused M&A led growth mandate
• Strong and supportive institutional shareholder register

Financial

• Maiden interim dividend declared of GBP 0.45 per share, being a total interim distribution of US$1.0 million. This is expected to deliver an annual yield of approximately 6.7% based on the closing share price at 30 August 2019 and assuming a final dividend is declared in line with the proposed 1/3 : 2/3 interim / final split
• Sustained Mnazi Bay gas sales revenues of $8.02 million (H1 2018: $10.79 million); heavier Q2 2019 rainy season and an additional c.20 MMscf/d of gas produced into the National Natural Gas Pipeline ("NNGP") from the Songo Songo field
• Adjusted EBITDAX of $3.3 million (H1 2018: $7.1 million) excluding non-recurring expenses of $nil (H1 2018: $11.8 million); Ziwani cost gas fully surrendered in January 2019 relating to Ziwani-1 exploration well and seismic costs in 2012
• Net loss of $0.2 million (H1 2018: $6.5 million)
• Cash and cash equivalents on hand at 30 June 2019 of $9.9 million (H1 2018: $4.04 million) with $8.4 million of cash receipts received post period end to 31 August 2019
• Reduced outstanding term loans to $5.2 million compared to $8.6 million at 31 December 2018, with the July 2019 repayment of $1.7 million made post period end; two payments remain before redemption in January 2020
• Final contingent payment of $441k net to Wentworth to PTT Exploration and Production Public Company Limited ("PTTEP") made in May 2019

Operational

• Average gross daily gas production for the period of 66.17 MMscf/d, down from 78.6 MMscf/d H1 2018 due to heavier rainy season and additional Song Songo supply
• Production volumes of 90 MMscf/d in August 2019 with revised 2019 guidance of 60 to 75 MMscf/d maintained
• Achieved reduction of NNGP inlet pressure from 95 bar to 85 bar in April 2019
• Operating costs of $0.64 / Mscf (2018: $0.44/ Mscf), driven by reduced production volumes in H1 2019
• 2P Reserves of 100 Bscf (16.6 MMboe), valued at $106 million (after tax NPV15) as at 31 December 2018
• Tembo block in Northern Mozambique successfully relinquished in June 2019 with no liability exposure

Eskil Jersing, CEO, commented:
"Wentworth has been through a period of significant change corporately and financially; the first half of 2019 has seen us successfully complete our simplification mandate and prepare for a sustainable capital returns policy. We have continued to produce gas and receive associated revenues to reduce our debt and build a cash balance of c.$14.2 million at the end of August.

"Our confidence in the Tanzanian demand driven landscape has enabled us to introduce a maiden dividend with an expected annual yield of c.6.7%; this clearly distinguishes us from our peer group, whilst we focus on securing material East African growth and returns for all our shareholders."